Dow Has Worst-Ever Christmas Eve Drop After Donald Trump Attacks Federal Reserve On Twitter

Lorenzo Tanos

Amid a series of scathing tweets aimed at the Federal Reserve and its chairman, Jerome Powell, the Dow Jones Industrial Average took a nosedive of over 600 points on Monday, marking the worst Christmas Eve trading day in the index's history.

According to a report from CNBC, the Dow fell below 22,000 on Monday after a 653-point drop, starting out by falling by over 2 percent, recovering most of the losses later in the day, and dropping by more than 2 percent right before trading closed. Meanwhile, the S&P 500 also fell precipitously during Monday trading, dropping 2.7 percent and entering what is known in trading parlance as a "bear market" — a drop of at least 20 percent from recent highs.

Likewise, the Nasdaq Composite Index ticked down similarly on Monday and slipped 2.2 percent, as further noted by CNBC.

Talking about the factors that could have influenced the stock market's poor performance on Monday, CNBC wrote that the main driver might have been Donald Trump's recent comments about Federal Reserve chairman Jerome Powell and his reported plans to remove him from his position.

"The only problem our economy has is the Fed," Trump tweeted on Monday morning, as quoted by Forbes.

"They don't have a feel for the Market, they don't understand necessary Trade Wars or Strong Dollars or even Democrat Shutdowns over Borders. The Fed is like a powerful golfer who can't score because he has no touch - he can't putt!"

Considering the above factors, as well as the good chance that the partial government shutdown over Trump's border wall will extend into the new year, Forbes opined that Monday's trading day was a "good gauge of the onset of negativity" about one year after Trump bragged about the stock market's bullish performance since he took office as president.